Thunes will kick off its Singapore business as part of a wave of new players entering into the newly liberalized Singapore payment market.
The cross-border startup obtained regularity approval from the Monetary Authority of Singapore (MAS) and with the new license, it will look to onboard corporates from all sectors onto its payment network, it said in a statement. Thunes highlighted an emerging markets focus for corporates and financial institutions’ cross-border payment needs.
According to the firm, its network covers mobile wallet operators, money transfer operators and banks across 80 countries and 60 currencies.
Opening Payment Market
Payment services in Singapore were previously restricted to established, licensed financial institutions resulting in limited competition from smaller or lesser known players. In an effort to boost fintech growth in the city-state, MAS will enact a new regime that opens the market to new entrants.
«With the Payment Services Act entering into force early next year, we look forward to expanding our range of services provided on our global interoperable membership network to better serve the needs of financial institutions and corporates,» said Peter de Caluwe, executive chairman of Thunes.
